This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

29 September 2023

Artemis Resources Limited

("Artemis" or the "Company")

(ASX/AIM: ARV, FRA: ATY, US: ARTTF)

 

Annual Report for Year Ended 30 June 2023

The Directors of Artemis Resources Limited are pleased to announce the Company's audited annual results for the year ended 30 June 2023.

An extract of the audited results are included below and the full Annual Report is available on the Company's website at https://artemisresources.com.au/.

For further information, please contract:

Artemis Resources Limited	via Camarco
Alastair Clayton
WH Ireland Limited (Nominated Adviser and Broker)
Antonio Bossi / James Bavister / Isaac Hooper (Corporate Finance)	Tel: +44 20 7220 1666
Camarco (Public Relations)	Tel: +44 20 3781 9244
Gordon Poole / Emily Hall / Rebecca Waterworth	Email: [email protected]

Competent Persons Statement

The information in this announcement that relates to Exploration Results and Exploration Targets is based on information compiled or reviewed by Mr. Steve Boda, who is a Member of the Australasian Institute Geoscientists.  Mr. Boda is an employee of Artemis Resources Limited. Mr. Boda has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Boda consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

About Artemis Resources

Artemis Resources (ASX/AIM:ARV; FRA:ATY; US: ARTTF) is a Perth-based exploration and development company, led by an experienced team that has a singular focus on delivering shareholder value from its Pilbara gold projects - the Greater Carlow Gold Project in the West Pilbara and the Paterson Central exploration project in the East Pilbara.

Dear Shareholders,

On behalf of the Directors of Artemis Resources Limited, I am pleased to report on the activities of the Group for the year ended 30 June 2023.

Artemis has a portfolio of valuable assets in the Pilbara, including the Greater Carlow (Au-Cu-Co) project, its Osborne joint venture with GreenTech Metals (Li), the Radio Hill processing plant (Au/Ni/Cu/Co) in the West Pilbara, and the Paterson Central project (Au/Cu) in the East Pilbara. 

A strategic review in May 2023 reaffirmed the Company's commitment to the Pilbara, a realignment of its corporate focus and a significant reduction in overhead costs.

At Greater Carlow the Company undertook a rapid assessment exploration programme to identify new mineralisation within a 25km radius of the Carlow Castle deposit. This program was successful in identifying new targets at LuLu Creek, Europa, Marillion and Titan. Artemis calculated an Exploration target of between 200,000 and 500,000 oz Au Eq to build on the existing 704,000 oz Au Eq resource.

The drill program at Paterson Central, located 2km north and along strike of Newcrest & Greatland Gold's 6.5 Moz AuEq Havieron gold-copper discovery was a technical success, and an expensive program. Artemis is continuing to evaluate third-party interest to fund the next stage of Paterson Central exploration including potential financing and joint venture opportunities.

The Osborne Lithium-Nickel joint venture project where Artemis has been free carried for over $1 million testing a nickel project, identified a significant lithium prospect with rock chip samples of up to 3.6% Li2O. Artemis has one of the largest West Pilbara tenement holdings (see image 1) between the joint venture with Greentech to the west and the major Li discovery by Azure in the east.

The Company is well capitalised with current cash balance of $1.7 million as at 30 June 2023, a 10% interest in Greentech Metals with value over $3 million, and share options in the money with potential to raise $2.5 million. With an efficient management structure, the Company is looking forward to a positive year in 2023/2024 to build on its existing assets and new opportunities identified by it and its joint venture partner.

 

We welcomed Vivienne Powe as a director during the year, and I take this opportunity to thank Mark Potter, Alastair Clayton and Ed Mead for their service to Artemis. The contribution of the Artemis team, consultants and advisers is also appreciated.

 

To our shareholders, including existing and new shareholders who supported the capital raise in February 2023, we appreciate your commitment in what has been a challenging year for many exploration companies but a year of positive change and opportunity for Artemis.

 

We look forward to building on shareholder value in the year ahead.

 

Guy Robertson

Chairman

29 September 2023

 

 

Operations report

Artemis Resources Limited ("Artemis" or the "Company") is pleased to outline the progress the Company has made at its projects for the financial year ended 30 June 2023.

Artemis is a gold copper and lithium focused resource exploration company with three major projects within the Pilbara region of Western Australia (Figure 1). The Paterson Central and the Greater Carlow projects are held 100% by the Company while 49% interest is held over the Osborne Joint Venture (JV) with GreenTech Minerals ("GreenTech") who hold 51%. In addition, the Company owns 100% of the strategically located Radio Hill processing plant (on care and maintenance) and associated infrastructure, located approximately 35km south of Karratha.

Figure 1: Artemis Resources Project Location Map

Greater Carlow Exploration Activities (Lithium)

During the June quarter the Company completed a review of the lithium potential of its Greater Carlow project after neighbouring exploration companies identified significant lithium pegmatite mineralisation within units of the Andover Mafic Intrusive that also underly significant portions of Artemis tenure.

A review of the Company's historic regional exploration soils database indicated elevated lithium and lithium pathfinder elements within exploration licences E47/1746 and E47/1797 (Figures 2 and 3).

Figure 2: Plot of levelled +95^th percentile Lithium soils data with circled anomalous trends

Figure 3: Plot of 95^th Percentile Rubidium soils data with circled anomalous trends

The data has defined seven distinct lithium cluster anomalies within E47/1797 and E47/1746 with elevated Lithium above the 95^th percentile. Two of these anomalies also correspond with two broad rubidium anomalies, and form part of the initial reconnaissance programs in identifying potential lithium bearing pegmatites.

First pass field reconnaissance exploration programmes have now commenced to investigate the source of the lithium soil anomalies.

Osborne Joint Venture (Artemis 49%)

Exploration Activities (Lithium)

Two lithium bearing pegmatite trends have been identified within exploration licence E47/3719 by JV partner GreenTech (Figure 4). The two trends consist of a northern and southern trend, each of which has been interpreted as traversing east-west.

The northern Kobe trend currently has approximately 1.4 km of strike within the Osborne JV. Test work conducted by Curtin University by way of XRD analysis on a sample from the first phase of the sampling program confirmed that the lithium bearing mineral is spodumene. The yet unnamed southern trend also had its lithium species classified as spodumene by XRD analysis at ALS Metallurgy.

High tenor lithium assays received within the project area include:

·           3.6% Li₂O from Sample 23CR038

·           2.3% Li₂O from Sample 23CR039

·           1.8% Li₂O from Sample 23GT11-041

·           1.7% Li₂O from Sample 23GT11-042

·           1.58% Li₂O from Sample 23GT11-039

Figure 4: Lithium rock sample assays and trend lines within Osborne JV Tenement E47/3719

Further lithium exploration is planned on the Osborne JV tenement in the forthcoming year with sampling and mapping aimed at identifying the full extent of the mineralised pegmatite zones and the consistency of the lithium mineralogy and grade. Preparations have commenced to enable a maiden drilling program, subject to receiving all approvals.

Greater Carlow Project

Carlow Castle Mineral Resource Update (gold-copper-cobalt)

The Carlow Castle deposit is on granted exploration licence E47/1797 and is 35 km from Artemis resources 100% owned Radio Hill processing plant.

An updated, high-grade Inferred Mineral Resource estimate ("MRE") was released by Artemis on 13 October 2022. The MRE, prepared in collaboration with independent consultants Snowden Optiro was produced utilising new wireframes and data produced by the 2022 drill program.

The new Inferred Mineral Resource was estimated to contain 704,000 oz Au Eq at 2.5 g/t Au Eq¹ from 8.74 Mt from a combined open pit and underground source.

The Mineral Resource for Carlow is presented in Tables 1 and 2 and Figures 5 and 6. All three deposits forming Carlow are open at depth, with Quod Est and Crosscut open along strike (Figures 5 and 6).

Figure 5: Oblique view of the Carlow resource block model showing potential continuations of known mineralisation.

Figure 6: Long Section (looking north) model showing key domains and potential continuation of known mineralised zones.

 

Table 1: Carlow MRE by weathering state reported above a cut-off of 0.7 g/t gold Eq within an optimised open pit shell and above 2 g/t gold Eq cut-off for underground using MSO shapes. The entire resource is classified as an Inferred Mineral Resource in accordance with the JORC Code, 2012. All tonnes are dry metric tonnes. Figures may not compute due to rounding. Au: gold; Cu: copper; Co: cobalt. MRE current as of 13 October 2022.

Domain	Tonnes (Mt)	Au Eq (g/t)	Au (g/t)	Cu (%)	Co (%)	Au (oz)	Cu (t)	Co (t)
Oxide	1.29	1.5	0.8	0.59	0.07	34,000	8,000	1,000
Transition	1.49	2.0	1.2	0.84	0.09	56,000	13,000	1,000
Fresh	5.96	2.8	1.5	0.73	0.10	285,000	44,000	6,000
Total	8.74	2.5	1.3	0.73	0.09	374,000	64,000	8,000

 

Table 2: Carlow MRE by mining method. The entire resource is classified as an Inferred Mineral Resource in accordance with the JORC Code, 2012. All tonnes are dry metric tonnes. Figures may not compute due to rounding. Au: gold; Cu: copper; Co: cobalt. MRE current as of 13 October 2022.

Mining method	Au Eq cut-off (g/t)	Tonnes (Mt)	Au Eq (g/t)	Au (g/t)	Cu (%)	Co (%)	Au (oz)	Cu (t)	Co (t)
Open pit	0.7	7.25	2.4	1.3	0.73	0.09	296,000	53,000	6,500
Under- ground	2.0	1.49	3.1	1.6	0.72	0.12	78,000	11,000	1,500
Total	-	8.74	2.5	1.3	0.73	0.09	374,000	64,000	8,000

 

 

 

Basis for metal equivalents:

1. Metallurgical factors

In 2019, ALS Metallurgy in Perth completed preliminary metallurgical testwork on two 100 kg drill core composite samples. The metallurgical testwork demonstrated a potential Carlow Castle ore flowsheet utilising gravity and cyanide leach for gold, and flotation to produce copper and cobalt concentrates. Details are:

·    48% of the gold in testwork on metallurgical samples was recovered using gravity separation, and most of the balance of the non-gravity gold is recoverable in sulphide concentrates as a by-product, using standard flotation. The total recovery of gold achieved was 94.8%.

·    Quick floating copper minerals produced a high-grade, premium copper concentrate of approximately 30% copper.

·    Deleterious elements, including arsenic, could be managed with a light concentrate polishing using regrind or blend control. Recoveries depended on mineralogy, with 77% to 85% copper recoveries achieved.

·    Unrecovered copper minerals are non-floating silicates or secondary oxide copper minerals.

·    Cobalt recoveries ranged from 73% to79%. Saleable cobalt concentrate grades ranging from 2.3% to 5.3% cobalt were produced. Cobaltite (CoAsS) is the dominant cobalt bearing mineral, and is therefore intrinsically linked to arsenic, affecting its sale price.

 

The metallurgical factors used for the Mineral Resource estimate are presented in Table 3.

 

Table 3. Metallurgical assumptions used.

Parameter	Input Value
Gold Recovery	Oxide: 96% Transitional: 93.5% Fresh:93%
Copper Recovery	Oxide: 61% Transitional: 56% Fresh: 90.5%
Cobalt Recovery	Oxide: 47% Transitional: 43% Fresh: 78%
NSRs (incl. payability, royalty and treatment and refining costs)	Gold: 94% Copper: 84% Cobalt: 41%
Gold Price	AU$2,600 / oz
Copper Price	AU$12,699 / t
Cobalt Price	AU$90,478 / t
Au Royalty (in dore)	2.5%
Au Royalty (in concentrate)	5%
Cu Royalty	5%
Co Royalty	5%

 

 

 

2. Gold Equivalent formula

The gold equivalent formula used in the calculation of an Au Eq. grade uses the following parameters:

Oxide		Au Eq. equation = Au (g/t) + Cu(%) x 0.86 + Co(%) x 2.31
Transitional		Au Eq equation = Au (g/t) + Cu(%) x 0.81 + Co(%) x 2.17
Fresh		Au Eq equation = Au (g/t) + Cu(%) x 1.31 + Co(%) x 3.96

Au: gold; Cu: copper; Co: cobalt.

It is the Competent Persons' view that all elements contributing to the gold equivalent calculation have the potential to be extracted and sold.

 

Greater Carlow Exploration Activities (gold-copper-cobalt)

Most of the exploration activities conducted over the Greater Carlow project focussed on target generation via the acquisition of geophysical and geochemical data over exploration licence E47/1797 and E47/1746.

Commencing in July 2022, Atlas Geophysics collected 1,712 gravity stations on a nominal 200 m by 200 m grid across the Greater Carlow project including a small infill program (100 m by 100 m) over Carlow and a new gravity occurrence now known as the Europa target. The data was processed by Sothern Geoscience Consultants (SGS) who produced both 2D imagery and 3D inversion models.

The Europa Target is located approximately 1.7 km south-west along strike of the of the Carlow deposit. It is situated within a structurally bound gravity high on the southern side of the Regal Thrust within the prospective Roebourne Complex (Figure 7). Its structural and gravity signature are of a similar nature to Carlow deposit and has been identified by Artemis are requiring additional exploration focus.

Figure 7: Image of gravity with magnetics in the background as light grey. Note the location of the Europa gravity target which is coincident with a structurally anomalous magnetic signature. The gravity at Europa reflects the size and magnitude of that at the Carlow deposit.

During the December and March quarters a total of 432 Ultrafine Fraction (UFF) soil samples were collected from three locations within the immediate vicinity of the Carlow Castle MRE with a focus around structures and splays associated with the Regal Thrust.

Finalised and interpreted results from the soils program defined a strong coincident gold (Au) and arsenic (As) anomaly over an area of 750 m by 550 m at a location named Titan. Titan is located 1.8 km north-west of Carlow Castle, adjacent to a secondary splay thrust north of the Regal Thrust and is associated with sheared, altered basalts, and banded cherts with ex-sulphide voids.

Anomalous zones of copper in the order of 100 ppm were also identified by the UFF soils program with a zone forming over the north-west margin of the Europa target as well as a new zone immediately north of the Marillion electromagnetic (EM) target, with a peak copper in soils value of 258 ppm. This occurrence is situated near the tenement boundary and is likely associated with gold-copper mineralisation identified by Novo Resources Corp. at their Morto Largo Prospect.

A series of electrical surveys under the management of SGC also took place at the greater Carlow project during the reporting period. These included Moving Loop Electromagnetic (MLEM) surveys, Down Hole EM surveys and a Fixed Loop Electromagnetic (FLEM) survey.

Two sets of MLEM surveys were completed during the financial year (Figure 8) with one survey completed in July 2022 across an area between Chapman and the eastern side of Carlow Castle, while the second survey completed in May and June 2023 covered a series of prospects in the immediate vicinity of Carlow Catle.

Figure 8: MLEM Survey Area and DHEM Drill Hole Location Map

The first survey identified a significant anomaly 450 m east of the Carlow Keel with a conductance between 3000 to 5000S with dimensions of at least 400 m by 400 m at a depth starting from 300 m below surface.

The second MLEM surveys occurred over the Carlow Castle deposit and the prospects Carlow North, Marillion North, Europa and Titan.

Four new EM conductor plates were identified from the survey being of low to strong conductance as well as one historic VTEM conductor historically referred to as Stoneham, north of the Europa gravity anomaly (Figure 9 and Table 4). The conductors described are within highly resistive ground conditions such that the EM anomalies should be considered prospective in identifying sulphide mineralisation.

 

Figure 9: Modelled EM conductor Plates within Greater Carlow

Table 4 - MLEM Conductor details

Conductor	Details	Conductance (S)
CCN1	Immediately north of Carlow with an aerial size of approx. 800 m by 400 m. Dip approx. 50 degrees to the SSW. Depth to top estimated at 50 m to 75 m.	Moderate ~ 1,500-2,000+
CCN2	Immediately north Carlow Castle Quad Est mineralisation with an aerial size of approx. 300 m by  400 m. Dip approx. 70 degrees to SE. Depth to top of source estimated at <50 m.	Moderate to High ~3,000 - 4,000
CCNE	Located approx. 900 m north of the Marillion prospect with an aerial size of approx. 750 m by 500 m. Dip approx. 85 degrees south. Depth to top of source estimated at 50 m to 75 m. Poorly constrained to steep topography.	Moderate conductance ~700 - 900+
EUR1 (Stoneham)	Located north of Europa gravity anomaly with an aerial extent of 500 m by 500 m. Dip approx. 45 degrees south. Depth to top at 50 m by 100 m.	Low conductance ~ 50 - 150
TIT1	Located slightly south of the main Titan gold in soil anomaly with an aerial extent of 1,000 m by 1,000 m. Dip approx. 80 degrees north. Depth to top 75 m to 125 m.	Low Conductance ~ 50 - 150

 

3D conductor plate models have been provided by SGC and they are currently being assessed from a geological perspective and ranked for follow up investigation. Of particular interest are conductors CCN1 and CCN2 which have a moderate to high conductance. Both conductance plates are immediately north of the Carlow Castle deposit and have not been previously drill tested. Additionally, CCN1 is associated with a chargeability anomaly identified from a dipole - dipole IP survey completed across Carlow Castle in 2021.

 

Four DHEM surveys were completed in August 2002 to assess the potential for off hole conductors (Figure 8). The surveys occurred in drill holes ARC387 (Carlow Castle Cross Cut load), ARC407 (Marillion) ARC407 (Chapman) and 22CHRD001 (Chapman).

ARC387: DHEM identified a weak in hole/off hole anomalism at ~125 m to 145 m down hole as multiple narrow sources. This corresponds well to the copper mineralisation within the drill core. As well as this, an off-hole anomaly with weak/moderate strength at ~115 m to 120 m down hole has been identified, source is above and right of hole - N/NW of hole.

ARC406: DHEM identified a deep off hole conductor to the north confirming the Marillion MLEM conductor. Modelling indicated a south dipping body of at least 400 m by 400 m aerial size 350m below surface with a conductance greater than 5,000S.

ARC407: DHEM identified weak broad off hole anomalism centred at ~60 m by 70 m down hole. Source is above and left - south of hole.

22CHRD001 DHTEM identified weak off hole anomalism, approx. source appears sub-parallel to hole geometry centred at ~55 m by 80 m down hole with a localised source. Relatively weak/low conductance and limited areal size.

In October 2002 a FLTEM survey was complete over Marillion identifying a significant >11,000S conductance with an area size of 500 m to 600 m in strike and 250 m to 360 m down dip extent (Figures 10).

 

Figure 10: 3D oblique view of the Carlow resource and spatial location of the Marillion 'plates'

Whilst >9,000s conductance is considered by the Artemis exploration team to be of material interest and >10,0000 a strong candidate to be drilled, 11,000s of conductance is of regionally exceptional tenor. Depth to the top of the anomaly is 350 m to 450 m and the anomaly dips at 40 to the south-southwest.

Also of note is the potential relationship between the Marillion Target and the eastern portion of the Carlow MRE and the Carlow Keel Zone. Spatially there is approximately 450 m distance between the high-grade Carlow keel drilling, which remains open in multiple directions and the Marillion Target

Greater Carlow Exploration - Gold

Lulu Creek lies 20 km to the west of Artemis's Carlow Castle deposit and forms part of the prospective Greater Carlow area. It was previously known as Patterson's Hut and Carlow West and was initially identified in 2018 via a regional soils and rock chip program defining an area of interest over 4 km in an east-northeast orientation. Subsequent mapping and rock chip sampling identified gold associated with quartz veins and gossans, and in an unclassified weathered unit with a light covering of transported sands and gravels.

In 2020, Artemis completed 126 RC drill holes with an average hole depth of 20 m and a maximum hole depth of 50 m. The drill program was technically successful identifying numerous low-grade zones of gold mineralisation associated with disseminated sulphides and quartz veins within a 2 km east-northeast trending quartz diorite intrusion (Figure 11).

 

Significant intercepts from the drill program included:

·      2 m @ 1.62 g/t gold from 34 m in CWRC006

·      1 m @ 4.89 g/t gold and 13.7 g/t silver from 24 m in CWRC011

·      1 m @ 1.15 g/t gold from 9 m in CWRC017

 

Figure 11: Lulu Creek Intrusion displaying 0.3 g/t gold metre gram contours.

At the time of the 2020 drill program, the significance of intrusion related gold within the Pilbara was not fully appreciated with resources being directed to more advanced projects within the company portfolio.

Following the conclusion of the 2022 drill season, a comprehensive exploration focused strategic review was completed across Artemis tenure re-identifying the potential of the Lulu Creek prospect. Drill chips from the 2020 RC program were re-logged and assays re-processed to generate a new interpretation. Coincidently, work completed by the GSWA identified the presence of 'Sanukitoid like' intrusive bodies around the Karratha (granitoid) Dome 2.5 km north-west of the Lulu Creek intrusion, which indicates mantle fluid pathways in the area.

 

Lulu Creek is also situated along the margin of the 90 km long Regal Thrust. Splays and secondary structures associated with the thrust, host mineral occurrences including the Carlow Castle deposit.

A 15-line dipole-dipole Induced Polarisation (IP) survey commenced at the end of June 2023. This identified two chargeability anomalies within the Lulu Creek intrusion, adjacent to a moderate-high resistive body interpreted as representing significant alteration and veining (Figures 12 and 13). A third IP Chargeability anomaly was identified just off the intrusion along the Regal Thrust (Figure 12), which corresponds with outcropping gossanous BIF and ultramafic rocks at surface.

Figure 12: IP chargeability plan view -75 m below surface against Lulu Creek Intrusion outcrop outline in pink.

Figure 13: IP resistivity plan view -75 m below surface against Lulu Creek Intrusion outcrop outline in pink.

Further modelling and interpretation of the IP chargeability and resistivity bodies is required in the coming reporting period along with an additional heritage survey across the prospect prior to any new targeted drilling.

 

Paterson Central Project

Exploration Activities (gold-copper)

A total of 5,135 m of diamond drilling was completed at the Apollo and Atlas prospects during the reporting period from five completed drill holes (Table 4 and Figure 14) consisting of two holes at Atlas and three holes at Apollo. At the Apollo prospect sulphide mineralisation associated with breccias was identified peripheral to, and within a dolerite.

Table 4: Completed Drill Collar Details for Reporting Period

Hole ID	Type	Easting (MGA94)	Northing (MGA94)	RL (m)	Dip	Azi MGA	EOH (m)
GDRCD0061	DD	462,127	7,600,424	262	-65.6	80.4	1102.9
22PTMRD008	MD	464,560	7,600,420	262	-75.0	80.0	985.0
2PTMRD009	MD	464,560	7,600,420	262	-69.0	276.6	1054.9
22PTMRD010	MD	462,120	7,600,420	262	-75.0	92.9	1052.1
22PTMRD011	MD	462,360	7,600,420	262	-76.1	353.8	940.0

¹ Drill hole re-entry. Drilling Commenced from 648.80m

 

Figure 14: Interim Reporting Period Drill Hole locations with Havieron deposit in the south of Image.

Drilling from GDRCD006 (extension), 22PTMRD0010 and 22PTMRD011 defined a north-west trending splay fault intruded by a dolerite sill. Along with reprocessed geophysics received in September 2022 (Figure 15), Artemis has been able to determine that the Apollo target is one part of a ~1.5 km long magnetic anomaly with a structural setting like the nearby Havieron deposit.

 

 

Figure 15: Reprocessed magnetics showing the ~1.5 km long Apollo structure (highlighted in dashed line). Apollo location and anomaly size with respect to Havieron resource footprint (black outline).

This is further supported by Artemis best intercept to date at the Paterson project with drill hole 22PTMRD011 (Figure 16). intercepting mineralised breccia, returning an intercept of:

·      2.42 m @ 0.85g/t gold and 2.86% copper from 752.58 m, including 0.87 m @ 0.36g/t gold and 4.99% copper from 752.58 m and 1 m @ 1.73g/t gold and 2.58% copper  from 754 m and 1 m @ 0.61g/t gold and 3.28% copper  from 904 m.

 

Figure 16: Section 462,350mE looking east showing drill hole trace gold and copper intersections on geology and magnetics highlighted in red dashed lines. Au: gold; Cu: copper.

Assay results received to date show sporadic gold and copper occurs within a suite of rocks that in places are like those described at the nearby Haveron deposit². From examination of the exploration history at Havieron² it is evident that the discovery of large intercepts of multi-sulphide endowed, high-temperature crackle breccias and veining does not confirm the presence of gold. Furthermore, the exploration history² at Havieron indicates that holes with exceptionally large gram-metre intercepts (HAD005) can be as little as 50 m from holes that return no significant results (HAD006).

The intrusion event and timing of the quartz-carbonate breccia is still in debate; however initial interpretations show:

·      Mineralisation does not appear to be related to the dolerite; however remobilisation of sulphides does occur along the sill margin.

·      The mineralisation at Apollo is structurally controlled, i.e. coincident with veining and later-stage brecciation.

·      There are at least two phases of breccias, a hydrothermal fluidised occurrence as noted near the contact of the dolerite and a tectonic event, as indicated by the presence of quartz-carbonate matrix support breccias, exhibiting angular clasts.

·      The mineralisation noted in hole 22PTMRD010 occurs higher up and not near the dolerite.

·      The source of the mineralisation at Apollo appears to be deeper to the NE and may be related to the magnetic flexure and the central de-magnetised zone as shown in Figure 15.

An independent exploration review of the Central Paterson Project was conducted in May and June 2023. The review was completed by Merlin Geophysics whose principal was the Principal Geoscientist for Greatland Gold PLC from 2020 - 2021. The review focus was to assess the effectiveness of exploration completed by Artemis since the grant of the tenure in 2020, as well as to re-evaluate the prospectivity across the project.

The review was positive towards Artemis exploration to date in targeting for Havieron style mineralisation with the Company being effective in:

·      Acquisition of geophysical and geochemical surveys with appropriate parameters and methodologies.

·      Processing and interpretation of the datasets to a high standard.

·      Targeting has considered elements of key criteria and has been complete to a high standard.

·      Drilling has effectively tested Apollo, Atlas, and Nimitz target areas.

The review also identified the use of electrical geophysical methods to improve targeting including IP/EM in areas with shallower cover and Audiomagnetotellurics (AMT) and Magnetotellurics (MT) in areas with deeper cover.

Merlin Geophysics also identified exploration potential in other mineralisation models including orogenic and strata-bound copper-gold mineralisation across the project but noted the difficulty in conducting exploration given the depths of Permian cover over the basement.

Artemis will seek a partner to advance the project, which may include JV, earn-in or outright sale.

² Ackerman, B., Finn, D., Baxter, C., Harris, A., Switzer, C., MacCoruodale, F., Wilson, A., Lisowiec, N., William, S, J., 2021. Havieron Gold-Copper Deposit: Next Generation of Undercover Discoveries. NewGen Gold Conference Proceedings 2021, p.145 - 159

Competent Person's Statement

Exploration Results

The information in this report that relates to exploration results is based on, and fairly represents information supporting documentation prepared by Mr Luke Meter, a Competent Person who is a member of the Australasian Institute of Geoscientists (AIG) and Australian Institute of Mining and Metallurgy (AusIMM). Mr Meter is employed by Artemis Resources Limited as Exploration Manager. Mr Meter has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Meter Consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Mineral Resource Reporting

The information in this report that relates to the Carlow Mineral Resource is based on information compiled by Ms Janice Graham, MAusIMM MAIG, and Dr Simon Dominy, FAusIMM (CPGeo) FAIG (RPGeo) FGS (CGeol). Ms Graham is a full-time Principal Consultant of Snowden Optiro. Dr Dominy is a Technical Director of Artemis Resources Limited. Ms Graham and Dr Dominy have sufficient experience relevant to the styles of mineralisation and type of deposits under consideration and to the activity being undertaken to individually qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Ms Graham and Dr Dominy consent to the inclusion in the report of the matters based on this information in the form and context in which it appears.

 

Corporate

Board and management changes

Ms Vivienne Powe was appointed to the Board on 4 July 2022. Ms Powe is currently Executive General Manager, Business Development with Lynas Rare Earths Ltd (ASX:LYC) and was previously the Chief Executive Officer Investments for Perenti Group (ASX: PRN).  Ms Powe has served in senior executive and leadership roles in private and listed organisations which have included Global Advanced Metals and BHP as well as having worked at Iluka Resources, Woodside Energy and Renison Goldfields Consolidated.

Vivienne holds a Bachelor of Engineering degree (Metallurgical Engineering, with Distinction) from the Royal Melbourne Institute of Technology, a Graduate Diploma in Applied Finance & Investment from FINSIA and a Master of Business Administration (Technology Management) from Deakin University.

Mr Alastair Clayton and Mr Edward Mead resigned from the Board on 21 November 2022. Mr Mark Potter resigned from the Board on 31 March 2023.

Capital Raising

In February 2023 the Company raised $2.55 million, before costs, through the issue of 170,000,000 new shares at $0.015 per share with one free attaching option for every two new shares (85,000,000 options) exerciseable at $0.025 cents per share before 9 March 2026. The Company issued a further 17,000,000 options on the same terms to the broker to the raise.  

 

Dr Simon Dominy

Executive Director

 

 

 

 

 

 

Schedule of tenements holdings (All tenements are in Western Australia)

Tenement	Project	Holder	Holding	Status	Area (km2)
E47/1797	Greater Carlow	KML No 2 Pty Ltd	100%	Live	28
E47/1746	Cherratta	KML No 2 Pty Ltd	100%	Live	117.6
E47/3719	Osborne	KML No 2 Pty Ltd	49%	Live	44.8
P47/1972	Cherratta	KML No 2 Pty Ltd	100%	Live	1.5
M47/337	Radio Hill	Fox Radio Hill Pty Ltd	100%	Live	1.8
M47/161	Radio Hill	Fox Radio Hill Pty Ltd	100%	Live	9.9
E47/3361	Radio Hill	Elysian Resources Pty Ltd	100%	Live	15.6
L47/93	Radio Hill	Fox Radio Hill Pty Ltd	100%	Live	0.07
E45/5276	Central Paterson	Armada Mining Pty Ltd	100%	Live	529.2

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Profit or Loss and other Comprehensive income for the year ended 30 June 2023

		Consolidated
		30 June 2023		30 June 2022
	Notes	$		$
Revenue	3	80,169		33,389
Fair value loss on financial assets	8	(337,666)		(165,883)
Gain on disposal of exploration projects	12	-		1,734,962
Personnel costs		-		(313,386)
Occupancy costs		(49,504)		(94,142)
Legal fees		(31,542)		(31,638)
Consultancy costs		(951,660)		(626,247)
Compliance and regulatory expenses	4	(282,204)		(1,482,494)
Directors' fees		(587,038)		(616,804)
Travel costs		(52,996)		(53,842)
Marketing expenses		(69,106)		(103,295)
Borrowing costs		(13,544)		-
Other expenses		(427,202)		(461,931)
Project and exploration expenditure write off	12	(735,768)		(4,696,301)
Impairment expense	13	(12,969,852)		-
Share-based payments	24	(475,300)		(112,200)
Foreign exchange loss		(20,330)		(539,533)
LOSS BEFORE INCOME TAX		(16,923,543)		(7,529,345)
Income tax expense/benefit	5	-		-
LOSS FOR THE YEAR		(16,923,543)		(7,529,345)
Other comprehensive income, net of tax		-		-
TOTAL COMPREHENSIVE LOSS FOR THE YEAR		(16,923,543)		(7,529,345)
LOSS FOR THE YEAR ATTRIBUTABLE TO:
Owners of the parent entity		(16,923,543)		(7,529,345)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR ATTRIBUTABLE TO:
Owners of the parent entity		(16,923,543)		(7,529,345)
Basic loss per share - cents	22	(1.17)		(0.58)
Diluted loss per share - cents	22	(1.17)		(0.58)

 

The consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the accompanying notes